Wisdomtree Trust Widsomtree Middle East has a market cap of $2.5 million; its shares were traded at around $15.51 .
Highlight of Business Operations:Natural gas, crude oil and natural gas liquids prices are reported net of the realized effect of our hedging agreements. We realized gains of $0.4 million on our crude oil hedges and $3.6 million on our natural gas hedges in the first quarter 2010, compared to realized gains of $3.6 million for crude oil hedges and $6.0 million for natural gas hedges in the first quarter 2009.
Depreciation, Depletion and Amortization (“DD&A”). DD&A expense for the first quarter 2010 was $10.4 million compared to $13.9 million for the first quarter 2009, a decrease primarily due to lower production and the sale of the Southwest Louisiana properties in December 2009.
General and Administrative (“G&A”) Expenses. Total G&A expenses were $4.9 million for the first quarter 2010 compared to $5.2 million for the first quarter 2009. Included in G&A expense is a non-cash stock expense of $0.5 million ($0.18 per Mcfe) and $1.0 million ($0.22 per Mcfe) for the first quarters 2010 and 2009, respectively, which is the primary reason for the overall decrease.
Income Taxes. Our net income before taxes was $0.6 million for the first quarter 2010, compared to $7.9 million in the first quarter 2009. After adjusting for permanent tax differences, we recorded income tax expense of $0.3 million for the first quarter 2010, compared to $2.9 million for the first quarter 2009.
Dividends on Preferred Stock. Dividends on preferred stock were zero for the first quarter 2010, compared with $1.1 million in the first quarter 2009. All of the Series G and Series H Preferred Stock, including accrued dividends, were converted to Common Stock in December 2009 in conjunction with our Common Stock offering. Dividends in the first quarter 2009 included approximately $1.1 million on the Series G Preferred Stock and $4,375 on the Series H Preferred Stock.
Our working capital deficit was $6.9 million as of March 31, 2010, compared to a working capital deficit of $8.8 million as of December 31, 2009. The following table provides the components and changes in working capital as of March 31, 2010 and December 31, 2009.
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